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Forex: USD/CAD trading positively at 0.9985/87 after US data

The USD/CAD has oscillated in a 43-pip range Friday (0.9963 – 1.0006), however as of the onset of American trading the pair has failed to regain control of the 1.0000 level. After the reporting of rather soft US data, the cross was operating in the region of 0.9985/87, trading positively at +0.13%.

“The downside move was halted by 0.9965 levels supporting our positive expectations that remain valid if the mentioned level holds. The USD/CAD still has to confirm stability back above 1.0005 levels to better support our positive expectations..” suggests the ICN.com analysts.

In the US, the anticipated Nonfarm Payrolls came in at 157K in January, against expectations of 160K, and relative to 155K previously. In addition, the Unemployment Rate (January) was reported at 7.9%, against estimates calling for 7.8%.

In terms of the technical levels, the technical analyst team at ICN.com points to supports at 0.9965 onto 0.9940 and finally 0.9910. Conversely, a move higher in the above the 1.0005 level will encounter additional resistances at 1.0040 followed by 1.0095.

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